Andhra Pradesh Woos Global Investors at WEF Davos Summit

At the WEF Summit, Andhra Pradesh's delegation, led by Minister Nara Lokesh, showcased the state's investment potential. Highlighted were plans for a petrochemical hub and a solar plant. ArcelorMittal's projects, including a steel plant and renewable energy ventures, were also discussed, reinforcing Andhra Pradesh's industrial growth ambitions.

The prestigious World Economic Forum (WEF) Summit opened with splendor at the Davos Congress Center, drawing an impressive array of global leaders, industrial titans, and key policymakers. Representing India, Andhra Pradesh's State Minister for Education, IT, and Electronics, Nara Lokesh, Union Minister Ram Mohan Naidu, and Chief Minister Chandrababu Naidu, along with State Industries Minister TG Bharat, were present at the event.

Following the official inauguration around 8 PM Zurich time, a networking dinner provided the Andhra Pradesh delegation an opportunity to emphasize the state's investor-friendly climate. Spearheaded by Lokesh, the team promoted Andhra Pradesh as an emerging global hub for innovation and development, appealing to industrialists to seize collaboration opportunities.

In the course of the summit, Minister Lokesh extended an invitation to global industrial magnate Lakshmi Mittal, Chairman of the Mittal Group, to consider transforming Bhavanapadu into a leading petrochemical hub. Lokesh highlighted the location's strategic benefits, which include a future port capacity of 83.3 MTPA, excellent infrastructure, and the Indian Institute of Petroleum and Energy situated in Vizag.

Underscoring the region's potential in manufacturing, R&D, and logistics pertaining to petrochemicals and clean energy, Lokesh showcased the government's supportive and investor-friendly stance. He also proposed a joint venture with HMEL to establish a 2 GW solar cell manufacturing facility in Andhra Pradesh, bringing in Rs3,500 crore investment. This venture promises to create 2,000 jobs, with solid government assurance backing it.

Lakshmi Mittal discussed ArcelorMittal's initiatives in Andhra Pradesh, including a Greenfield steel project in collaboration with Japan's Nippon Steel. This ambitious Rs1.4 lakh crore project aims to build a 17.8 million-ton capacity steel plant near Anakapalli, with implementation staged over two phases. Mittal assured that all necessary approvals, such as the Government Order dated November 26, 2024, have been obtained.

Mittal also elaborated on renewable energy endeavors, including a collaboration with Greenko to develop 975 MW of solar and wind energy capacity. This energy will supply 250 MW to the Anakapalli steel plant, aiming to cut down annual carbon emissions by 1.5 million tons. A 1 MT Green Ammonia project in Kakinada was also committed, aligning with Andhra Pradesh's sustainability goals.

Minister Lokesh expressed appreciation for Mittal's extensive investments, reinforcing the state's dedication to facilitating industrial growth. The discussions represented a pivotal move towards bolstering Andhra Pradesh's industrial and renewable energy sectors. Attendees included Kumar Aditya Mittal, Union Minister Ram Mohan Naidu, State Industries Minister TG Bharat, and AP Economic Development Board CEO Saikant Varma.

(With inputs from agencies.)